Lanka Tax Club

Ministry of Finance has issued a Government Notice on Luxury Tax on Motor Vehicles. Download Government Notice on Luxury Tax on Motor Vehicles

Department of Inland Revenue has published an amended notice on proposed changes to the Inland Revenue Act No. 24 of 2017. Download IRD Notice on Implementation of Proposed Changes to the Inland Revenue Act, No. 24 of 2017 (PN/IT/2020-03 – [Amended])

Following changes are going to be incorporated to Economic Service Charge Act, No. 13 of 2006; Amendments to Section 22 – to specify the base for charging the service charge for importation of motor vehicles Amendments to Schedule IV –  to specify the service charge on wholesale or retail sales of petrol, diesel, and kerosene

Department of Inland Revenue has published the WHT Credit Schedule which is needed to submit for the year of assessment 2018/2019 after verification through RAMIS under the “Upload schedule Files / Documents” option. WHT Credit Schedule for Individuals WHT Credit Schedule for Partnership WHT Credit Schedule for Company

Department of Inland Revenue has issued a circular on Guideline for Employees Trust Fund (ETF), all Provident Funds & all Employers – Circular No. SEC/2020/02 [18 February 2020] Download Circular No. SEC/2020/02

Economic Service Charge (Amendment) Bill was certified on 04th of October, 2018 and now available the new Economic Service Charge (Amendment) Act, No. 33 of 2018. Summary: Valuation basis of import of vehicles Prior to the Amendment Act, the import of motor vehicles was liable to ESC on the CIF value of the consignment. The…

Minister of Finance and Mass Media has been published a new gazette notification on Stamp Duty – License on sale of liquor. Effective Date: 01.01.2019 Base: License on sale of liquor Download Gazette [English | Sinhala]

1. Income Tax (Amendments to the Inland Revenue Act, No. 24 of 2017 1.1 Tax Payable by Withholding (a) A special tax return requirement will be introduced for the deduction of 2.5% withholding tax levied on the sale price of any gem sold at an auction conducted by the National Gems and Jewellery Authority. Exemption…

Individuals who are liable to pay income tax (whose assessable income for a month exceeds Rs. 250,000 per month or Rs. 3,000,000 for a year of assessment), are required to register and obtain Taxpayer Identification Number (TIN) in order to pay Income Tax on a quarterly basis. There are two methods; Manually Online How to register manually (Due…

The National Customs Tariff is a Guide to compute all the taxes or levies payable on goods (commodities) imported. It is a publication of such taxes stipulated under various Acts and Enactments, consolidated in to one book for ease of reference, both by the Customs Officials as well as the general public. The following taxes…

A Finance Bill dated August 10, 2018 has been published by the Government, as proposed in the Budget 2018, to provide for the amendment of certain levies, taxes or fees imposed under respective Finance Acts, and for the imposition of certain new levies, taxes or fees. A synopsis of certain such provisions are given in…

The Department of Inland Revenue has now published in their website, the Withholding Tax Return, Schedule Templates and Guidelines applicable for the year of assessment 2018/2019, in terms of section 84 and 85 of the Inland Revenue Act No. 24 of 2017 and the Circular No. SEC/2018/06 published on 18 April 2018. Please find attached…

Inland Revenue (Amendment) Bill and VAT (Amendment) Bill were approved by the Parliament today with amendments. Await for more details.